Compact Excavators Market
Compact Excavators Market - By Capacity, By End User & Global Region - Market Size, Share, Trends and Forecast 2021-2027Request Sample Request Discount
The global compact excavator market size was estimated at USD 2.8 billion in 2019 and is expected to reach USD 5.8 billion by 2027, growing with a CAGR of 5.1% over the forecasted period of 2021 to 2027. With growing population, physical spaces are becoming more limited and carrying out the digging operations is becoming more difficult. Compact excavators are emerging as a key automotive vehicle that helps excavate soil and other earthen material in cramped up spaces. Raising trend of miniaturization is attracting the global automotive sector, companies are highly taking part in the manufacturing of compact excavators. Furthermore, the conventional excavator has been struggling to reach the narrowed spots between tight spaces and buildings. In addition, compact excavators are being predominantly used in such digging purposes.
Producer of compact excavators are finding a great growth in demand from individuals as well as local construction companies. New compact excavators are entering the market which are being designed to meet the earth-moving requirements of the future. Moreover, the comfort of using compact excavators is further boosting the working professionals in the construction industry towards them. Furthermore, the function of changing attachments on the on the compact excavators is making the step of high-level excavations. The big construction companies are replacing the heavy-duty excavators with compact excavators to gain higher margins from low fuel consumption and lesser carbon emission. Moreover, a great quality of maneuverability, less noise emission, and operational ease are few other factors that boost the demand for compact excavators in the global construction industry.
The compact excavators helps in providing assistance in performing landscaping, demolishing, excavating, placing and picking. Materials handling, construction activities and others. The compact excavators also aid in completing labor-intensive tasks or work earlier performed by using heavy construction equipment. Increase in demand for compact excavators due to increase in construction of buildings is expected to boost the growth of the global compact excavators market. For example, the UK construction industry is projected to grow at a rate of 2.5% from 2015 to 2024. Moreover, the importance of compact excavators and an increase in urbanization are projected to drive the compact excavators market's growth. The big players such as Caterpillar Inc., and AB Volvo Group provides application for specific compact excavators. For example, Komatsu Ltd., offers PC18MR-3 compact excavators of weighting capacity 1.84 tons. It is helpful for forestry, landscaping, construction and other applications.
North America market holds the major share in the year 2019 and it expected to retain its dominant during the forecast period. Increase in population and improved construction activities are the major factors that boost the compact excavator market's growth. Increase in the construction activities in this region is the prime factor which contributes towards the growth of the compact excavator market. Furthermore, compact excavator design products have become increasingly popular in this region owing to the associated benefits. This in turn further boosts the growth of the compact excavator market.
The compact excavator market is segmented into more than 4 tons and less than 4 tons by capacity analysis. The 4 tons segment holds the major market share and it is expected to retain its dominance during the forecast period. The 4 tons capacity compact excavator uses have increased aggressively in North America and European countries due to increased construction activities in developed regions. Moreover, its demand is expected to increase in future in developing countries like China, India, Africa and others.
Based on end user, the compact excavator market is divided into landscaping & construction, agriculture, and others. The construction segment holds the major share and is expected to retain its dominance during the forecast period. The increase in use of remote-controlled compact excavators and sensor based excavators for construction activities is further expected to dominate the global market.
Key Companies Profiled
The global compact excavator market is characterized by the presence of various small and big players. The major market player includes Deere & Company, AB Volvo Group, Cukurova Ziraat, Hyundai Construction Equipment Co Ltd, Hitachi Ltd, J C Bamford Excavators Ltd, Caterpillar Inc., Kobe Steel Ltd, Komatsu Ltd, and Takeuchi Mfg. Co Ltd. As the market is competitive in nature, the players indulge in raising their competitive share through strategic initiatives like mergers, new product, and acquisitions. For example, in April 2019, Volvo Construction Equipment of AB Volvo introduced a new ECR25 excavator. The excavator is fully electric compact excavator with 2.7 tons of weighing capacity. It is a zero-emission electric compact excavator which can perform 8 hours of operation after one full charge. It is great for infrastructural and commercial works like gardening, landscaping, and agriculture.
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